Did you know that your ATM Debit card is more powerful than you thought, It has Insurance too!!
ATM over the years has been used to save the pain from money withdrawal issue or standing for the deposit line to online shopping and rewards points. Very fewer people holding their card know that it also carry insurance- Personal Accident Insurance.
Depending on the card you have you could have insurance cover ranging from 1lakh to 20 lakh or even more. There is also a difference if you are carrying non- premium card then you could have insurance cover lesser than the premium debit card. Not all cards have the insurance facility you need to check with your bank for the features & benefits of your card.
There are certain condition or criteria by some banks or cards to get the Personal Insurance Cover like
1.>You should be having a minimum balance in the previous month of an accident.
2.>You should have done minimum one or more transaction (ATM or E-commerce/online purchase) in previous 30-45 days. and your value of transaction also matters in some cards.
3.>You should have to do a minimum amount of transaction from ATM or in previous
4.>You should have to do the transaction from a debit card for certain air personal accident insurance.
This is just a certain condition laid down by a certain bank for certain card, this list is inclusive but not exhaustive.
How to claim the insurance? is a big challenge. certain general documents are listed below which can be helpful to you to process claim.
1.>Claim Intimation letter ( you will get from Bank branch)
2.>Copy of policy FIR report
3.>Copy of police panchnama report.
4.>Copy of Postmortem report.
5.>Copy of related medical report
6.>medical certificate from attending doctor.
7.>copy of death certificate.
8.>Birth proof & domicile proof
9.>Affidavit from legal Hire’s
10.>Certificate from the bank confirming the death of the Cardholder, his Account No. and Debit Card
This list is inclusive but not exhaustive. If you have met the minimum criteria to claim and duly filled the form along with proper documents then the claim could be settled within 15-30 days. Any requirement/deficiencies in the documents submitted shall be sought within 15 working days of receipt of the claim.
CONCLUSION: Should you have it?
Yes definitely, In this world of uncertainty getting a benefit from just holding and using it for own convenience Then why not go for it. But benefit always comes with exclusions and cost of holding the card too, Kindly do the cost-benefit analysis before selecting the Premium costly card or non-premium card. Some card has worldwide life cover, which is beneficial if you travelling and accident happens to you.
ACTION TIP:
Choose one card (as multiple cards will not give multiple insurance from the same bank) and do all the transaction and meet all the criteria for free Personal Accident insurance rather than having multiple cards and not meeting the criteria. It is easier to manage one card than multiple cards choice is yours!!!
Ask your bank “poochne mei kya jata hai” does your card carry any insurance facility if yes then get the document or if not then get a new card which you like.
